Century Mining Corp. (CMM.V) announced that it has signed an indicative non-binding term sheet with Kirkland Intertrade Corp. and Gravity Ltd. for a C$20 million private placement and the acquisition by Century of an interest in Etruscan Resources Inc. The Private Placement will be for 100 million units of Century to be issued at a price of C$0.20 per Unit.
The company said that it will use proceeds from the Private Placement to fund the initial development and operation of the Lamaque Mine and provide working capital to the Company, alleviating the Company's working capital deficit.
Kirkland and Gravity or "Investor" are controlled by Russian investor Maxim Finskiy and American investor Fran Scola, respectively, who have agreed to work with Century management to build the Company into a significant gold producer.
Following closing of the transactions, and including its previous share purchase, the Investor will own 167.99 million common shares of Century representing approximately 45.8% of Century's issued and outstanding shares. Upon completion of all the transactions, Century will own about 16.6% of the outstanding shares of Etruscan.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.